D.A. Davidson Raises Price Target On Qorvo As Apple Exposure Drives Record F3Q Results

In a report published Thursday, D.A. Davidson analyst Thomas Diffely reiterated a Neutral rating on Qorvo Inc (NASDAQ: QRVO), and raised the price target from $68.00 to $70.00.

In the report, D.A. Davidson noted, “Apple exposure drives record F3Q (Dec) results. QRVO pro-forma results for the December quarter simply reflect the summation of record results from RFMD and TQNT. Combined revenue of $742 million ($397 million RFMD, $345 million TQNT) exceeded the Street mean of $723 million. Combined pro-forma EPS of $1.31 surpassed the Street mean of $1.18. Pro-forma GM of 49% was 120bp ahead of our estimate.”

Qorvo closed on Wednesday at $75.50.